Retirement Calculator
Plan your retirement savings and estimate your retirement income. Calculate how much you need to save, project your retirement fund growth, and ensure a financially secure retirement.
Personal Information
Retirement Goals
Current Savings
Investment Assumptions
Retirement Planning Results
Retirement Fund at 65
Monthly Retirement Income
Savings Shortfall/Surplus
Recommended Monthly Savings
How the Retirement Calculator Works
Enter Personal Information
Input your current age, planned retirement age, life expectancy, and current annual income to establish your retirement timeline and income baseline.
Set Retirement Goals
Define your desired retirement income or use the income replacement ratio (typically 70-90% of current income) to determine your retirement income needs.
Add Current Savings
Enter your current retirement savings, monthly contributions, employer matching, and planned annual increases to project your savings growth.
Review Projections
Analyze your projected retirement fund, monthly income, and any savings shortfall to adjust your retirement strategy and savings plan.
Frequently Asked Questions
Financial experts recommend saving 10-15% of your income for retirement, including employer contributions. The earlier you start, the less you need to save monthly due to compound interest. A common rule is to have 1x your salary saved by age 30, 3x by 40, 6x by 50, and 10x by retirement age.
Most financial planners recommend replacing 70-90% of your pre-retirement income. You may need less because you won't pay Social Security taxes, may have lower housing costs (paid-off mortgage), and reduced work-related expenses. However, healthcare costs typically increase in retirement.
Historical stock market returns average 7-10% annually, but it's conservative to use 6-8% for retirement planning. As you approach retirement, your portfolio should become more conservative with lower expected returns (4-6%) but also lower risk.
First, contribute enough to your 401(k) to get the full employer match (free money). Then consider maxing out an IRA for more investment options and potentially lower fees. Finally, return to your 401(k) to reach the annual contribution limit if possible.
Inflation reduces purchasing power over time. At 3% annual inflation, $100 today will only buy $55 worth of goods in 20 years. This is why it's important to invest in assets that can outpace inflation and to plan for higher income needs in retirement than you might initially expect.